đâšď¸ Tesla Posts a Disappointing Q4: Wall St. Reacts
Happy Wednesday all,
I hope you had a wonderful New Yearsâ Eve. I ended up going to dinner, watching âEmily the Criminalâ on Netflix, then falling asleep at 11 PM. Although this year I was actually itching for a NYE party, it was instead - low key. What did you get up to?
Also, Iâm not a HUGE television guy but I did watch all of White Lotus Season 1 and 2 over the break and I got really into them. I now play the theme song on repeat sometimes when I do work đ
This week, weâre making some changes to the Wednesday newsletter format. Instead of a featured story, weâre sticking with three big stories from the past week that we think you ought to read about or may affect you. After that, we aim to curate the biggest headlines throughout the week to give you broader coverage of all things newsworthy. Essentially, weâre your one-stop-shop for all things remotely finance related. Weâre going to continue to add more segments to the newsletter to bring you the most value so be sure to keep an eye out as we iterate.
Enjoy this weekâs Hump Days!
- Humphrey, Rickie & Tim
Tweet of the Week
The Weekly Brief
Biden Signs $1.7T Funding Bill That Includes Ukraine Aid (Bloomberg)
President Joe Biden signed a $1.7T government funding bill that includes $47B in additional aid for Ukraine. The new allocation adds to the $65B the U.S. has already appropriated this year to address Russiaâs invasion. House Republican leader Kevin McCarthy has vowed to subject the Biden administrationâs support for Ukraine to greater oversight when his party takes control of the House next month.
HY: I havenât done enough research on this bill yet, but the Ukraine aid portion is a very small percentage of it. I believe it has to do with funding the government through the EOY. If anyone has any more insights please let me know via a reply.
Amazon is Working on a Standalone App for Sports Content (TechCrunch)
Amazon is developing a standalone app for watching sports. Amazon CEO Andy Jassy called live sports âa unique assetâ that they would continue to invest in. Other major companies looking to continue investing in live sports content include Google which secured the NFL Sunday Ticket in a landmark streaming deal and Apple which has gained the rights to MLB and MLS games.
HY: I feel like the experience for watching sports has been largely the same since the 90s. The majority of people still tune into TV and watch a game live, and a minority will watch it on a streaming service they have to pay for. Only the most avid sports fans are converting to these subscription based platforms, so I actually think this could be a good thing if it gets broadly adoptedâŚ
Tesla Q4 Vehicle Delivery Numbers Fell Short, Wall St. Resets 2023 Expectations (WSJ)
Tesla posted disappointing Q4 delivery figures, fueling demand concerns and keeping pressure on a stock that is fresh off its worst-ever annual performance. Elon Musk said they delivered about 1.3M vehicles last year, up 40% from 2021 but fell short of Wall Street estimates that had already come down throughout the year.
HY: I think if we zoom out we still see that Tesla is growing their delivery numbers quarter over quarter. Itâs going to be important to maintain perspective if youâre a Tesla share holder. I personally still own Tesla and will continue to hold.
What Weâve Been Reading
Stocks/Crypto
Appleâs Stock Market Value Falls Below $2T, Lowest Since March 2021 (Reuters)
Sovereign Wealth and Public Pension Funds Lost a Combined $2.2T in 2022 (Reuters)
Hedge Funds Marked Their Worst Returns Since 2008, down 6.5% (Reuters)
Economy
Robust Job and Wage Growth Showed Signs of Cooling in Late 2022 (WSJ)
U.S. Jobless Claims Edged Higher Last Week, Although Remain Historically Low (WSJ)
Government
Republican Kevin McCarthy Fails to Win Enough Support in Fourth Vote for House Speaker (CNBC)
Pentagon Awards $7.8B F-35 Contract Modification to Lockheed Martin (Reuters)
World
Japanese Families Set to Receive 1M Yen/child for Moving Out of Tokyo (CNBC)
Croatia Takes Final Steps into EU with Open Border and Euro Switch (The Guardian)
Putin Says Russia Now One of Chinaâs Leading Oil and Gas Suppliers (Reuters)